Swisscanto Invest acquired on behalf of the Swisscanto Investment Foundation a major apartment building complex with 100 apartments in Meyrin near Geneva for a total consideration of CHF 61 million. While the residential leases are subject to restrictions under the cantonal LDTR law, the possibility to add additional floors to the buildings provides a significant future development potential for the investor. The transaction was subject to preemption rights by the Canton of Geneva and the Municipality of Meyrin.
Swisscanto Invest is the asset manager of the Cantonal Bank of Zurich and one of the country's leading providers of investment and pension solutions with approx. CHF 200 billion in assets under management of which approx. CHF 11 billion are invested in Swiss real estate. It offers its customers a tailored and comprehensive service portfolio in investment and pensions.
Baker McKenzie advised Swisscanto Invest on all legal aspects of this asset deal. The team was led by Samuel Marbacher (Partner, Zurich) and Charles Gschwind (Senior Associate, Zurich/Geneva) and further included Olivier Ducrey (Partner, Geneva), Pascal Dorier (Trainee Lawyer, Zurich) and Klara Vodnanska (Trainee Lawyer, Geneva).